Will you get social security at 62?
I believe OP stated that he gets no social security (at any age).
omni
Will you get social security at 62?
I believe OP stated that he gets no social security (at any age).
omni
I will not be getting social security. The old plan provides for a multiplier of 2.2 per year with
a 25% reduction for early retirement example 2.2×25yr=55% of final salary -13.75=41 25% of
final salary. What they have done is doubled the reduction % for early retirement. Now it's
2.2×25yr=55% of final salary -27.5= 27.5% I of final salary. I was thinking with the changes
maybe 2 to 4 bases points
but 25 From an already reduced benefit! This is nothing less then legal thievery.
Is that compounded or simple interest?
Who are we. Are you talking about your personal situation?You can handle this. Just get into your time machine and go back and redo about 25 years of our life.
Fact is, those numbers are simply not sustainable. Fed, State and local Gov. employees are the last to find out. Started out with regular Co's. Then utilities in the 80's. Gov type jobs much later. Sad situation. But its just math. With Private Co's share holders and CEO's get the $$$. With Gov. there just isn't the revenue anymore as most non Gov. jobs got moved outside the US. Folks now entering the job market contributes next to nothing as that's what they are paid. Its a deeper issue for sure.
Just my 2.
For the record, non Gov pensions for an employee are about 10% after 30 yrs. Down from 85% 30 yrs ago when we signed on. For new employees, it does not exist.
State pension funding levels vary from state to state. States have various funding levels with a few fully funded. With state fiscal years being over folks can check and see the rate of return their states trust fund had for the previous year. Also good to compare the funds balance for the last five years.
And the public employees are the bad guys. In the press you are only going to hear about the 1%. It works both ways...public and private. The vast majority of public employee retirees get a small pension and most do not get social security. I could go on here but I don't want to get in trouble with the moderators.With the new legislation l will be going from 41.25% of my final average salary for 25 years and 55 years old to 27.5% Unbelievable!! And no health care till 60 years old. I have just over 5 years to make up some ground. This is just your basic public service position not law enforcement it is ohio public employees retirement systems (OPERS) version of early retirement 25 years of service and 55 years old.
+1.....With a raging bull market something gotta give.State pension funding levels vary from state to state. States have various funding levels with a few fully funded. With state fiscal years being over folks can check and see the rate of return their states trust fund had for the previous year. Also good to compare the funds balance for the last five years.
While I agree it still sucks ass and throws one hell of curve ball at me.
Well, I for one am rooting for you fella.Me too. I am getting let go in 2 weeks with 29 yrs at 51.
Missed retirement by 3.9 yrs. (Not that it meant anything these days)
Missed all the grand father clauses except medical.
(Yea.... I made 0ne!)
With Oblamo care around the corner who knows if I will even keep that.
85% coverage till 65 for now. Will wait and see if it changes next year.
Its just a bad time to be in our shoes. Game changing at the very end sucks the farts out of dead chickens. Not to mention the interest rates.
Always planned on a million dollars and 5% in CD's would do it.
Now? WTF?
I blame lots of things on this. But have to stay positive and make the right moves. (If I can)
Well, I for one am rooting for you fella.
With the new legislation l will be going from 41.25% of my final average salary for 25 years and 55 years old to 27.5% Unbelievable!! And no health care till 60 years old. I have just over 5 years to make up some ground. This is just your basic public service position not law enforcement it is ohio public employees retirement systems (OPERS) version of early retirement 25 years of service and 55 years old.